EXCAPSA, the AIM-listed internet gambling software company, became the first company in the sector to sell its US-facing operations, signing a $130 million (£70 million) deal last night with a private Maltese rival.

However, legal sources immediately claimed that the deal, a response to the impending US ban on internet gambling, was almost certainly illegal because $120 million of the price will be deferred until after the law takes effect today.

A source said that plans by Leisure & Gaming, a quoted internet gambling operator, to sell its US-facing business appeared to have foundered over the same issue. The source said: “Because of the deferred consideration this deal will open Excapsa to conspiracy and aiding-and-abetting charges charges under the new law. They would be making money out of an illegal operation.”

Last night Sportingbet was racing to seal the sale of its US operations to a private operator, although it is understood to be discussing a deal worth $1, thus avoiding legal problems.

Meanwhile, two of Britain’s biggest banks are to stop dealing with internet gambling companies that continue to target US punters. Barclays and Royal Bank of Scotland (RBS), both of which have big banking operations in the US, have decided that the legal and reputational risks of continuing to deal with US-facing operators are too great. Although most of the big quoted operators have drawn up plans to close or sell their US operations, many private operators, including Bodog.com and PokerStars, intend to continue dealing with US punters.

PokerStars, which has a banking relationship with RBS, insisted that the impending US ban does not alter the US legal situation with respect to online poker. It said that whereas the new law, expected to be signed today by President Bush, effectively outlawed gambling on “a sporting event or a game subject to chance”, poker was exempt as a game of skill.

Barclays said: “We are contacting our customers to ensure that they will conduct their operations in full compliance with the legislation.”

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